2016-01-17 15:05:00
GAZPROM UP 21%
Gazprom’s financial information under International Financial Reporting Standards (IFRS) for the nine months ended September 30, 2015
PJSC Gazprom issued its unaudited consolidated interim condensed financial information prepared in accordance with International Accounting Standard 34 Interim Financial Reporting (IAS 34) for the nine months ended September 30, 2015.
The table below presents the unaudited consolidated interim condensed statement of comprehensive income prepared in accordance with IFRS for the nine months ended September 30, 2015 and for the nine months ended September 30, 2014. All amounts are presented in millions of the Russian Rubles.
|
|
Nine months ended, | |
|---|---|---|
|
|
2015 |
2014 |
|
Sales |
4,206,217 |
4,007,522 |
|
Net gain from trading activity |
8,320 |
9,903 |
|
Operating expenses |
(3,171,784) |
(3,018,824) |
|
Operating profit |
1,042,753 |
998,601 |
|
|
|
|
|
Finance income |
1,145,005 |
189,629 |
|
Finance expense |
(1,421,168) |
(501,883) |
|
Share of net income of associated undertakings and joint ventures |
93,181 |
71,493 |
|
Gains (losses) on disposal of available-for-sale financial assets |
5,066 |
(981) |
|
Profit before profit tax |
864,837 |
756,859 |
|
|
|
|
|
Current profit tax expense |
(130,177) |
(141,027) |
|
Deferred profit tax expense |
(44,389) |
(43,178) |
|
Profit tax expense |
(174,566) |
(184,205) |
|
Profit for the period |
690,271 |
572,654 |
|
|
|
|
|
Other comprehensive income (loss): |
|
|
|
Items that will not be reclassified to profit or loss: |
|
|
|
Remeasurements of post-employment benefit obligations |
(84,204) |
(66,523) |
|
Total items that will not be reclassified to profit or loss |
(84,204) |
(66,523) |
|
|
|
|
|
Items that may be reclassified subsequently to profit or loss: |
|
|
|
Gains (losses) arising from change in fair value of available-for-sale financial assets, net of tax |
47,294 |
(12,070) |
|
Share of other comprehensive income (loss) of associated undertakings and joint ventures |
26,133 |
(5,209) |
|
Translation differences |
164,804 |
142,779 |
|
Losses from cash flow hedges, net of tax |
(4,777) |
(16,741) |
|
Total items that may be reclassified subsequently to profit or loss |
233,454 |
108,759 |
|
Other comprehensive income for the period, net of tax |
149,250 |
42,236 |
|
Total comprehensive income for the period |
839,521 |
614,890 |
|
|
|
|
|
Profit attributable to: |
|
|
|
Owners of PJSC Gazprom |
673,904 |
556,254 |
|
Non-controlling interest |
16,367 |
16,400 |
|
|
690,271 |
572,654 |
|
|
|
|
|
Total comprehensive income attributable to: |
|
|
|
Owners of PJSC Gazprom |
815,437 |
595,918 |
|
Non-controlling interest |
24,084 |
18,972 |
|
|
839,521 |
614,890 |
Total sales (net of excise tax, VAT and customs duties) increased by RUB 198,695 million, or 5%, to RUB 4,206,217 million for the nine months ended September 30, 2015 compared to the same period of the prior year. The increase in sales is mainly driven by the increase in sales of gas to Europe and Other countries.
More detailed information concerning the main items of the sales’ structure for the nine months ended September 30, 2015 and September 30, 2014 is presented in the table below.
|
(RUB million unless indicated otherwise) |
Nine months ended September 30, | |
|---|---|---|
|
|
2015 |
2014 |
|
Sales of gas |
|
|
|
Europe and Other countries |
|
|
|
Net sales (net of excise tax and customs duties) |
1,430,472 |
1,227,090 |
|
Volumes in bcm |
125.3 |
122.5 |
|
Average price, RUB per mcm (including excise tax and customs duties) |
15,033.7 |
12,509.8 |
|
Former Soviet Union countries |
|
|
|
Net sales (net of customs duties) |
292,002 |
304,952 |
|
Volumes in bcm |
27.2 |
36.7 |
|
Average price, RUB per mcm (including customs duties) |
11,875.3 |
10,000.7 |
|
Russian Federation |
|
|
|
Net sales (net of VAT) |
538,572 |
552,362 |
|
Volumes in bcm |
150.6 |
157.9 |
|
Average price, RUB per mcm (net of VAT) |
3,576.7 |
3,498.6 |
|
Total sales of gas |
|
|
|
Retroactive gas price adjustments |
12,074 |
– |
|
Net sales (net of VAT, excise tax and customs duties) |
2,273,120 |
2,084,404 |
|
Volumes in bcm |
303.1 |
317.1 |
|
|
|
|
|
Net sales of refined products (net of excise tax, VAT and customs duties) |
1,175,078 |
1,226,510 |
|
Net electric and heat energy sales (net of VAT) |
291,603 |
291,941 |
|
Net sales of crude oil and gas condensate (net of VAT and customs duties) |
184,636 |
152,394 |
|
Net gas transportation sales (net of VAT) |
139,068 |
125,279 |
|
Other revenues (net of VAT) |
142,712 |
126,994 |
|
Total sales (net of excise tax, VAT and customs duties) |
4,206,217 |
4,007,522 |
Net sales of gas increased by RUB 188,716 million, or 9%, to RUB 2,273,120 million, for the nine months ended September 30, 2015 compared to the same period of the prior year.
Net sales of gas to Europe and Other countries increased by RUB 203,382 million, or 17%, to RUB 1,430,472 million for the nine months ended September 30, 2015 compared to the same period of the prior year. The overall increase in sales of gas to Europe and Other countries was driven by the increase in average Russian Ruble price (including excise tax and customs duties) by 20% compared to the same period of the prior year. The change was mainly driven by the increase in the foreign exchange rates which was enhanced by the increase in volumes of gas sold by 2%, or 2.8 bcm.
Net sales of gas to Former Soviet Union countries decreased by RUB 12,950 million, or 4%, to RUB 292,002 million for the nine months ended September 30, 2015 compared to the same period of the prior year. The change was due to the decrease in volumes of gas sold by 26%, or 9.5 bcm, which is partially compensated by the increase in average Russian Ruble price (including customs duties) by 19%. The change was mainly driven by the increase in foreign exchange rates.
Net sales of gas in the Russian Federation decreased by RUB 13,790 million, or 2%, to RUB 538,572 million for the nine months ended September 30, 2015 compared to the same period of the prior year. This is primarily explained by the decrease in volumes of gas sold by 5%, or 7.3 bcm.
Operating expenses increased by RUB 152,960 million, or 5%, to RUB 3,171,784 million for the nine months ended September 30, 2015 compared to the same period of the prior year.
The increase in operating expenses is explained by an increase in a number of items such as: “Taxes other than on income” increased by RUB 40,759 million due to an increase in mineral extraction tax and property tax; “Transit of gas, oil and refined products” increased by RUB 97,287 million, or 34%, due to appreciation of US Dollar and Euro against the Russian Ruble.
Profit attributable to owners of PJSC Gazprom for the nine months ended September 30, 2015 totaled RUB 673,904 which is RUB 117,650 million, or 21%, higher compared to the same period of the prior year.
Net debt balance increased by RUB 372,086 million, or 23%, from RUB 1,650,633 million as of December 31, 2014 to RUB 2,022,719 million as of September 30, 2015. This increase resulted from change in foreign currency exchange rates (appreciation of US Dollar and Euro against the Russian Ruble), as well as increase in long-term and short-term borrowings.
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